Explore common challenges in tax return filing and audit with insights from Tax expert Darshak Shah 📋 Coverage of the Webinar: ✔️ Applicability Issues ✔️Case Study 1: Clause 34A & 21(b) ✔️ Case Study 2: GAAR clause 30C Demerger of a loss making company and merging it with the profit making company ✔️ Case Study…
[2022] 141 taxmann.com 242 (Hyderabad – Trib.) – NBFC converted Debt into Pref. Sh. under CDR and increased authorised Cap – AO treated ROC exp. as Capital Exp. As the exp is related to the capital increase – only the existing debts were restructured where CCPS were issued – ITAT allowed on the grounds that…
SC – Pr. CIT v. Wipro Ltd. [2022] 140 taxmann.com 223 – carry forward of loss was denied by the Revenue on the ground that the declaration under s. 10B(8) was not filed within the due date of filing of return of income SC – CIT v. G.M. Knitting Industries (P.) Ltd. [2016] 71 taxmann.com…
1. APPEAL TO CIT – 20% prescribed through office memorandum F.No. 404/72/93-ITCC dated 31/07/2017. 2. STAY FOR LESS THAN 20% – assessee can approach CIT and CIT may lower it if rulings of HC/SC are in assessee’s favour 3. Automatic Stay of demand: CIT (A) has power of granting stay order till appeal pending before…
ITAT – DCIT v. Railtel Corporation of India Ltd. [2022] 140 taxmann.com 132 (Delhi – Trib.) – The assessee purchased assets of Rs.275 Lakhs and revalued at Rs. 175.54 lakhs and the loss amounting to Rs. 99.46 lakh due to determination of the fair value of assets has been shown as ‘loss on revaluation of fixed…
Taxpayer is entitled for exemption if conditions are fulfilled Conditions can be mandatory or directory, courts have condone violation of directory conditions It is based on the effect of non compliance SC in Hari Chand Shri Gopal case led that Conditions which are a matter of substance is mandatory; & one which are mere convenience…
– Repayment of the principal amount of a home loan: An individual is entitled to tax deductions on the amount paid as repayment of the principal component on the housing loan. – Also, Taken a Home loan from Friends or Relative to buy a new house? Interest payment can be claimed as a deduction under…
1. Dealers Education conference – Not Applicable as per Q8 of circular 2. Dealers targets achievement incentive / Customary gifts to business/ professional associates – applicable 3. Discounts on MRP or additional qty as freebies – Not Applicable Q4 of circular 4. Loyalty Rewards in cash (cash back)/ prepaid vouchers/ kind.- applicable 5. Insurance coverage…
1. Transfer of capital asset or stock on dissolution/reconstitution will be consider as transfer for firm and not partner who receive it 2. Reconstitution includes admission, retirement or change in profit sharing ratio 3. 9B will tax firm on difference of FMV and indexed cost of assets 4. 45(4) will tax partner on Profit =…
CIT can exercise his/her revisionary powers u/s 263 only if 1. The order of the Assessing Officer should be erroneous and prejudicial to the interest of the Revenue. 2. Sec. 263 cannot correct each and every type of mistake or error committed by the Assessing Officer and it is only when an order is erroneous…